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Print Emergencies, by their nature, are unpredictable.
When they happen, they can derail your financial stability. What is an emergency fund? An emergency fund is a separate savings or bank account used to cover or offset the expense of an unforeseen situation.
Instead, this fund serves as a safety net, only to be tapped when financial crises occur. This amount can seem daunting at first, but the idea is to put a small amount away each week or two to build up to that goal.
You may also want to consider adjusting the amount based on your bill obligations, family needs, job stability, or other factors. Where should you put the money?
Emergency savings are best placed in an interest-earning bank account, such as a money market or interest-earning savings urgent earnings on the net, that can be accessed easily without taxes or penalties. The concern with placing your emergency savings in mutual funds, stocks or other assets is that they may lose value if the funds need to be accessed quickly. Tip Emergency savings should be placed in an account that is easily accessible, so you do not incur early-withdrawal penalties as you would with an account such as a CD or IRA.
When should you use this money? The goal is to tap your emergency savings only for expenses directly related to an unexpected emergency.
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Remember: If you start saving now, the money you save today can go a long way towards meeting your needs when the next emergency occurs. Related topics:.